In recent decades,with the rapid development of the knowledge economy and science,countries have embraced technical innovation and have gradually increased investment in research and development(R&D).A vast litera...In recent decades,with the rapid development of the knowledge economy and science,countries have embraced technical innovation and have gradually increased investment in research and development(R&D).A vast literature indicates that the relationship between R&D and firm performance is highly complex.The evidence suggests that R&D positively influences firm performance,yet findings on the process by which this happens are mixed.Rigorous analyses are required on how R&D investments affect energy consumption.This study explores the impact of R&D investment on the performance and energy consumption of 476 firms in Ethiopia by employing a combination of fixed-effect,propensity score matching,and endogenous treatment effect estimation methods.The empirical results reveal that investment in R&D positively influences both innovation and long-term financial performance but negatively impacts short-term financial performance and energy consumption.The results also show that the impacts of R&D activities vary significantly across different categories of firms,confirming that heterogeneity may be an issue among the firms considered.The results also indicate that the availability of credit is a more important moderating factor in the relationship between R&D investment and firm performance than the legal system is.These results have important implications for firms with growing R&D operations,especially those in developing countries such as Ethiopia.Ethiopian firms should invest more in R&D activities,such as in fundamental and applied research,to improve performance and enhance competitiveness.展开更多
Based on the data of Chinese listed family firms from 2008 to 2016,we investigate the impact of family involvement on firm innovation and the moderating effect of family member composition.The results show that increa...Based on the data of Chinese listed family firms from 2008 to 2016,we investigate the impact of family involvement on firm innovation and the moderating effect of family member composition.The results show that increased family involvement significantly reduces R&D investment intensity and the number of patent applications.With the increased richness of the kinship of family members involved in management,the negative impact of family involvement on patent applications is weakened,but family member composition does not have a significant moderating effect on the relationship between family involvement and R&D investment intensity.Further analysis shows that the number of invention patent applications decreases as the degree of family involvement increases,but family involvement has no significant effect on utility model patent and design patent applications.Family member composition has a significant moderating effect on the relationship between family involvement and invention patent applications.The results have value as a reference for exploring how family involvement affects firm innovation and can also help the actual controller to take effective measures to optimize family member composition and improve the innovation performance of family firms.展开更多
Research has documented the stimulating effect of R&D tax credits on R&D expenditure when enacting an R&D tax credit or raising the credit rate. However, the potential adverse effects and consequences of r...Research has documented the stimulating effect of R&D tax credits on R&D expenditure when enacting an R&D tax credit or raising the credit rate. However, the potential adverse effects and consequences of reducing R&D tax incentives remain unexamined. Using a cut in R&D tax incentives in Taiwan,we document the adverse effect of reducing the R&D credit rate on corporate R&D expenditure. The reduced R&D credit rate has a negative impact on the relation between corporate R&D expenditure and firm value. Our results highlight the adverse effects and economic consequences of reducing R&D tax incentives in an emerging economy.展开更多
China's outward foreign direct investment(FDI)is different from traditional FDI in various ways,for example being rooted in“Guanxi”in Chinese culture,influenced by govern-ment,and located in developed economies ...China's outward foreign direct investment(FDI)is different from traditional FDI in various ways,for example being rooted in“Guanxi”in Chinese culture,influenced by govern-ment,and located in developed economies where they have limited ownership advantages compared with local firms.Chinese investment in the United States(the U.s.)is an example of how the location is influenced by economic factors,social linkages,as well as geopolitical events,such as the U.S.-China trade conflict,which deserves more academic attention.It is such a complex phenomenon that cannot be fully explained by traditional FDI theories,which mainly focus on economic factors.In this paper,we illustrate the historical development,distri-bution and firm heterogeneity of Chinese investment in the U.S.from 2000 to 2020,and use a conditional logit model to investigate the location factors.Our study reveals that the number of Chinese investment projects in the U.S.peaked in 2017 and has declined year-over-year since then.These projects are mainly located along the East and West coasts of the U.S.and around the Great Lakes,with the largest numbers in California and New York.Previous Chinese in-vestment agglomeration and ethnic networks both influence the location choice of China's outward FDl,even when controlling for regional attributes and economic embeddedness.In terms of firm heterogeneity,Chinese firms that enter the American market with greenfield in-vestment modes,state-owned enterprises and firms in high-tech sectors are more likely to fol-low previous Chinese investment,but place less emphasis on Chinese ethnic linkages,implying that previous Chinese investment agglomeration can replace the role of Chinese ethnic net-works for these firms.Finally,the U.S.-China trade conflict has significantly lessened the active role of Chinese ethnic networks and has reduced Chinese investment in states with higher in-dustrial output.展开更多
文摘In recent decades,with the rapid development of the knowledge economy and science,countries have embraced technical innovation and have gradually increased investment in research and development(R&D).A vast literature indicates that the relationship between R&D and firm performance is highly complex.The evidence suggests that R&D positively influences firm performance,yet findings on the process by which this happens are mixed.Rigorous analyses are required on how R&D investments affect energy consumption.This study explores the impact of R&D investment on the performance and energy consumption of 476 firms in Ethiopia by employing a combination of fixed-effect,propensity score matching,and endogenous treatment effect estimation methods.The empirical results reveal that investment in R&D positively influences both innovation and long-term financial performance but negatively impacts short-term financial performance and energy consumption.The results also show that the impacts of R&D activities vary significantly across different categories of firms,confirming that heterogeneity may be an issue among the firms considered.The results also indicate that the availability of credit is a more important moderating factor in the relationship between R&D investment and firm performance than the legal system is.These results have important implications for firms with growing R&D operations,especially those in developing countries such as Ethiopia.Ethiopian firms should invest more in R&D activities,such as in fundamental and applied research,to improve performance and enhance competitiveness.
基金supported by the National Social Science Fund of China(No.20BLG093)
文摘Based on the data of Chinese listed family firms from 2008 to 2016,we investigate the impact of family involvement on firm innovation and the moderating effect of family member composition.The results show that increased family involvement significantly reduces R&D investment intensity and the number of patent applications.With the increased richness of the kinship of family members involved in management,the negative impact of family involvement on patent applications is weakened,but family member composition does not have a significant moderating effect on the relationship between family involvement and R&D investment intensity.Further analysis shows that the number of invention patent applications decreases as the degree of family involvement increases,but family involvement has no significant effect on utility model patent and design patent applications.Family member composition has a significant moderating effect on the relationship between family involvement and invention patent applications.The results have value as a reference for exploring how family involvement affects firm innovation and can also help the actual controller to take effective measures to optimize family member composition and improve the innovation performance of family firms.
文摘Research has documented the stimulating effect of R&D tax credits on R&D expenditure when enacting an R&D tax credit or raising the credit rate. However, the potential adverse effects and consequences of reducing R&D tax incentives remain unexamined. Using a cut in R&D tax incentives in Taiwan,we document the adverse effect of reducing the R&D credit rate on corporate R&D expenditure. The reduced R&D credit rate has a negative impact on the relation between corporate R&D expenditure and firm value. Our results highlight the adverse effects and economic consequences of reducing R&D tax incentives in an emerging economy.
基金National Natural Science Foundation of China,No.42130510National Natural Science Foundation of China,No.41871110The National Social Science Fund of China,No.23BJL113。
文摘China's outward foreign direct investment(FDI)is different from traditional FDI in various ways,for example being rooted in“Guanxi”in Chinese culture,influenced by govern-ment,and located in developed economies where they have limited ownership advantages compared with local firms.Chinese investment in the United States(the U.s.)is an example of how the location is influenced by economic factors,social linkages,as well as geopolitical events,such as the U.S.-China trade conflict,which deserves more academic attention.It is such a complex phenomenon that cannot be fully explained by traditional FDI theories,which mainly focus on economic factors.In this paper,we illustrate the historical development,distri-bution and firm heterogeneity of Chinese investment in the U.S.from 2000 to 2020,and use a conditional logit model to investigate the location factors.Our study reveals that the number of Chinese investment projects in the U.S.peaked in 2017 and has declined year-over-year since then.These projects are mainly located along the East and West coasts of the U.S.and around the Great Lakes,with the largest numbers in California and New York.Previous Chinese in-vestment agglomeration and ethnic networks both influence the location choice of China's outward FDl,even when controlling for regional attributes and economic embeddedness.In terms of firm heterogeneity,Chinese firms that enter the American market with greenfield in-vestment modes,state-owned enterprises and firms in high-tech sectors are more likely to fol-low previous Chinese investment,but place less emphasis on Chinese ethnic linkages,implying that previous Chinese investment agglomeration can replace the role of Chinese ethnic net-works for these firms.Finally,the U.S.-China trade conflict has significantly lessened the active role of Chinese ethnic networks and has reduced Chinese investment in states with higher in-dustrial output.